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| | 1. | | Pledge Of Allegiance
Minutes note: The meeting was called to order at 1:30pm. The pledge of Allegiance was said. | | | |
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| | 2. | | Roll Call | | | |
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| | 3. | | Minutes
Minutes note: After the Pledge of Allegiance and Roll Call, the Chair asked for a motion to adopt the October 19, 2023 Meeting Minutes. Hearing no corrections or objection, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearing regarding approval of a Project Plan Amendment, the required Class I notice was published in the Daily Reporter on November 9th. For today’s public hearing regarding property disposition, the required Class II notice was published in the Daily Reporter on November 2nd and November 9th. For today’s public hearing regarding an environmental loan, the required public notice was published in the Daily Reporter on November 2nd and November 9th.
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| | 4. | | Resolution approving a Fourth Amendment to the Project Plan for Tax Incremental Financing District No. 68 (Fifth Ward-First Place).
Minutes note: Alyssa Remington of Economic Development introduced TID 68 that was created for the Fifth Ward-First Place project and has been amended three times previously. Ms. Remington provided background on the boundaries and the City’s policy of contributing 70% of the riverwalk funding and 50% of the dockwall funding. This amendment would provide $4.225M of TID funds for the following: Riverwalk development at the (1) Dogpark - $1.5M, (2) Foxtown Landing - $1.1M, and (3) Boone & Crockett in the Harbor District - $1.2M. The funds would also be used for street improvements at (4) E. Pittsburgh and S. Water Street - $125K, and (5) S. 1st Street nad E. Florida Street - $200K. The TID has performed well and has a District value of nearly $90M with $1.3M of increment being generated each year. The TID will pay off in year 18.
Commissioner Schwartz asked about the funding formula for the riverwalks and dock walls and whether inflation is considered. Ms. Remington stated the formula is based on the Consumer Price Index and has increased over the years.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10976.
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| 0 | 5. | Resolution | Resolution approving a Fourth Amendment to the Project Plan for Tax Incremental Financing District No. 68 (Fifth Ward-First Place). | | | |
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| | 6. | | Resolution approving a Land Disposition Report for the sale to Habitat for Humanity
of multiple residential vacant lots for residential construction in the 6th Aldermanic District.
Minutes note: Amy Turim of DCD Real Estate introduced the resolution whereby the Authority would convey 5 vacant lots, along with 38 City-owned vacant lots already approved by the Common Council, to Habitat for Humanity to construct single-family homes with parking pads.
Eric Neeb, Real Estate Acquisition Manager for Habitat for Humanity, stated the mortgages are roughly $90K but they are heavily-subsidized through private foundations and HOME funds. Commissioner Galvan asked about the number of potential buyer to which Mr. Neeb stated potential buyers can view Habitat’s website to begin the qualification process. According to Mr. Neeb, there is a mix of pre-approved buyers and new buyers yet to be identified.
Commissioner Smith asked about the environmental for the lots. Ms. Turim stated we sell the parcels “where-as, as is” but the lots were used historically as residential homes and are mid-block. This also addresses the question from Chair Hardrick about utilities where Habitat will be installing the utilities since we are selling “where-as, as is.”
Commissioner Schwartz moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10977.
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| 0 | 7. | Resolution | Resolution approving a Land Disposition Report for the sale to Habitat for Humanity of multiple residential vacant lots for residential construction in the 6th Aldermanic District. | | | |
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| | 8. | | Resolution authorizing up to a $700,000 loan from the RACM EPA Brownfield Revolving Loan Fund to Five Points MLKEDC, LLC or an agreed upon affiliate to be used on five parcels located along North Dr. Martin Luther King Jr. Drive between West Concordia Avenue and West Keefe Avenue, Milwaukee, Wisconsin.
Minutes note: Tory Kress of the Environmental Team provided some background to the item where the RACM Board approved a TIF in November 2022 for the affordable housing project. The proposed mixed-use project would include 55 units on five City-owned properties with a variety of environmental issues. The project would employ soil management, capping, and some off-site soil disposal. The $700K loan would be at 3% interest for a 19-year term resulting in annual $21K payments and a $700K balloon payment at the end of the term. The developer will put in $7.5M of equity.
Commissioner Galvan asked about the on-site buildings and fencing. Mr. Anthony Kazee of KG Development stated the buildings are currently vacant and new fencing will be installed to separate the neighboring properties from the development. Mr. Kazee hopes the loan and all other closing documents can be completed by December 1, 2023. The general contractor is Catalyst Construction.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10978.
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| 0 | 9. | Resolution | Resolution authorizing up to a $700,000 loan from the RACM EPA Brownfield Revolving Loan Fund to Five Points MLKEDC, LLC or an agreed upon affiliate to be used on five parcels located along North Dr. Martin Luther King Jr. Drive between West Concordia Avenue and West Keefe Avenue, Milwaukee, Wisconsin. | | | |
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| | 10. | | Resolution relative to application, acceptance, and funding of a Wisconsin Economic Development Corporation Site Assessment Grant for demolition and eligible environmental activities at the future location of VIA Apartments, a new 86-unit apartment complex at 1000 South 5th Street and 417 West Mineral Street, in the City of Milwaukee.
Minutes note: Mat Reimer of the Environmental Team introduced the project and request for grant funds from WEDC. New Land’s VIA project includes 86 residential units with 87 parking stalls on the 1st floor. RACM would be a pass-through for the $150K grant that would be similar to the MLK Library and Public Museum recent requests. The 20% match would be provided by the developer from demolition of 1 building and deconstruction of another.
Commissioner Galvan asked for specifics for the funds to which Mr. Reimer stated the grant would be used for assessment and asbestos remediation. Commissioner Galvan asked about the general contractor. Mr. Joey Wisniewski of New Land stated it is likely Catalyst Construction with a construction start in early 2024.
Chair Hardrick asked about utilities to which Mr. Wisniewski stated We Eneriges, ATT, and Charter have already begun working on the project. He also stated President Perez is supportive of the project.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10979.
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| 0 | 11. | Resolution | Resolution relative to application, acceptance, and funding of a Wisconsin Economic Development Corporation Site Assessment Grant for demolition and eligible environmental activities at the future location of a new mixed-use development on the southeast corner of 5th and Mineral Streets in the City of Milwaukee. | | | |
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| | 12. | | Resolution authorizing an amendment to a contract for unarmed security guard
services at Century City Business Park.
Minutes note: Contracts Administrator Scott Stange reintroduced the item. The authority entered into a 3-year contract with SOS in the summer of 2021. A resolution in November 2022 extended their contract until January 2024. This resolution will extend the contract until the summer of 2024. SOS has achieved 100% SBE and 98% RPP over the past year of the contract. The contract will be put out for bid in summer of 2024. The source of the funds continues to be from Century City rental income.
Commissioner Galvan moved for adoption of the resolution and it carried by a vote of 6 ayes - 0 nays. Adopted resolution is No. 10980.
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| 0 | 13. | Resolution | Resolution authorizing an amendment to a contract for unarmed security guard services at the Century City Business Park. | | | |
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| | 14. | | Adjournment
Minutes note: The meeting was adjourned at 2:20pm. Minutes prepared by David Misky. | | | |
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